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think of correction journal entry for each error scenario identify the accounts, amounts, and direction of change Acct 310: Fall 2019 (please complete prior to
think of correction journal entry for each error scenario identify the accounts, amounts, and direction of change
Acct 310: Fall 2019 (please complete prior to class on Friday 06 September) Give-U-A-Piece-of-My-Mind consulting group prepared the following unadjusted trial balance ACCOUNT Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock, par $10 Retained Earnings Revenues Expenses Totals DEBIT CREDIT 71,126 62,000 4,000 17,000 363,000 24,000 36,000 67,000 360,000 28.000 150,000 156,000 669,126 669,000 Upon a detailed examination of the accounting records, the following four errors were discovered: 1 - Equipment purchased for $15,000 at year-end was debited to Expenses. 2 -- Sales on credit of $1,658 were debited to Accounts Receivable for $1,784 and credited to Sales Revenue for $1,658 3 - A $12,000 cash collection on accounts receivable was debited to Cash and credited to Revenues. 4 - The inventory amount is understanted by $5,000 because the entry to record the purchase of inventory was incorrectly recoerded in Cost of Goods Sold. REQUIRED: PREPARE A CORRECTED UNADJUSTED TRIAL BALANCE. (hint: think of the correcting journal entry for each error scenario. Identify the accounts, amounts, and direction of change)Step by Step Solution
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